Kalera, a vertical farming company headquartered in Orlando, Florida, will hold an extraordinary general meeting of its shareholders on December 15, 2022, at noon EST (5:00 p.m., Irish time) to seek shareholder approval of a reverse stock split.
“The Board of Directors encourages shareholders to vote FOR the reverse stock split proposal and FOR the adjournment proposal, to the extent necessary, to help ensure that the share price of our ordinary shares meets the continued listing requirements of the Nasdaq Capital Market,” said Curtis McWilliams, Chairman of the Board. “Non-compliance with Nasdaq listing requirements will result in the delisting of our shares from Nasdaq, which we believe would result in lower liquidity for our shareholders and reduced access to capital to execute our strategic growth plan.”
“A reverse stock split would consolidate the number of existing shares into fewer shares. It wouldn’t affect the company’s value or the ownership percentage of each shareholder, but it would allow the company to remain in compliance with Nasdaq listing requirements,” Mr. McWilliams continued. “It is important that all Kalera shareholders vote their proxy, regardless of the number of shares they own. A vote FOR the reverse stock split would help ensure Kalera remains a Nasdaq-listed company.”